Yorkshire Building Society launches new 'key worker' package

02-Oct-2006

Under the new scheme, first time buyers in key industries will be able to obtain a conventional mortgage for 75 per cent of the property's value, with the remaining 25 per cent made up of charge-free loans by the mortgage lender and the government.

Under the scheme, Yorkshire Building Society will offer clients a base-rate tracker mortgage plus one per cent, for the first five years; after five years, clients will be charged the Bank of England's base-rate plus 1.25 per cent.

"We are delighted to be participating in this government initiative which is designed to help key workers in areas where house prices have spiralled out of the reach of many people," said Andy Caton, corporate development director at Yorkshire Building Society.

"While the trial of the new Open Market Homebuy scheme is not designed to provide a solution to all the problems that first time buyers have in today's market, it will give help to some of those who need it most," he added.

Open to eligible first time buyers, employees in key industries and qualifying social tenants, the new scheme is expected to enable around 100,000 individuals or families to purchase a property by 2010.

2008: Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar